On the 14th, TMAP Mobility announced that it recorded a consolidated revenue of 68.89 billion KRW in the second quarter. This marks a 52.5% increase compared to the previous year’s 45.11 billion KRW. The combined quarterly operating profit of its subsidiaries successfully transitioned to the black, signaling accelerated growth.
The increase in revenue is a result of balanced growth across TMAP’s key business areas and its subsidiaries’ performance.
Major services for drivers (including chauffeur services, valet, and TMAP Auto) recorded a remarkable 175% rise in revenue, driving this growth. The improved completion rate of chauffeur services due to an increase in driver subscribers, along with the steady expansion of offline valet stores (around 400 as of July), contributed to these significant results. Additionally, revenue in the DATA sector (UBI, API/Data, advertising, etc.) rose by 39% year-on-year, while freight brokerage also saw a 19% increase.
Quarterly net loss improved by 21.3 percentage points compared to the same period last year, amounting to 21.71 billion KRW (compared to a loss of 23.86 billion KRW a year before). TMAP Mobility explained that “despite the overall expansion of business scale and an increase in personnel, the company is quickly improving profitability through cost efficiency.”
Moreover, logistics forwarding companies such as YLP and Logisoft are rapidly stabilizing their businesses through the digital transformation of existing markets, successfully turning to profitability. Notably, airport bus services achieved a staggering 33-fold increase in revenue compared to the same period last year, driven by the recovery in travel demand post-pandemic.
Lee Jae-hwan, Chief Strategy Officer of TMAP Mobility, stated, “TMAP is evolving beyond the national navigation service into a comprehensive mobility platform with 20 million subscribers. We will continue to grow steadily toward comprehensive mobility, including the integration of public transport services for non-drivers in September, while also improving profitability.”
By Jang Ji-sang daedusj@autodiary.kr